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President Obama is channeling Bill Clinton or trying to as part of his reelection campaign.
Tonight chief national correspondent Jim Angle looks at whether this president's tax plans can be fairly compared to the plans of the last president from his party.
When the economy was growing at 2.3 percent President Obama agreed to extend all the bush tax cuts arguing the economy was too -- for any increase on anyone potentially -- see a lot of folks.
More folks potentially losing jobs that would be a mistake.
When the economy has not fully taken off.
Now the economy growing even slower at one point 5% this quarter but the president wants to raise taxes anyway.
Now these ignoring his own warnings though he needed a new argument to justify increasing taxes.
And seized on Bill Clinton.
All I'm asking that we go back to the rates that were paid.
-- wealthy individuals under Bill Clinton and if you remember that's when our economy trade and nearly 23 month.
And created a budget surplus the president called that our plan meaning the Democrats plan on higher taxes the Clinton plan if you will.
And said that's what he's running on.
Re trying to plan in the -- And that's the choice in this election.
That's why I'm running for -- look at their.
There are times when you can raise taxes and have -- not hurt the economy.
Unfortunately for Barack Obama this is not one of those times I think to raise taxes now has -- posted there during the Clinton years would be very ruinous for the economy.
Analysts have all -- -- the Clinton economy was on fire because of the high tech and dot com boom which eventually crashed.
But until it did the economy grew at an average of three and a half percent a year the unemployment rate dropped to below 4% range and revenues were pouring again.
We -- in the 1990s anymore we don't have a huge technological boom that's gonna continue to propel the economy forward.
We had a balanced budget we had a very accommodative fed easing rates.
Right now we have no new tech boom.
We do not have a balanced budget and the Fed can't cut rates anymore.
Nevertheless -- to the president's earlier warnings the White House now insist higher tax rates will do nothing to hurt economic growth under President Clinton.
Marginal rates at that level.
Were in place and we saw this.
Substantial economic growth and job creation though officials concede this economy is far different from the Clinton won the economy's not growing fast enough.
The -- not creating jobs fast enough in this -- president says that every time he speaks about the economy.
That's why analysts fear raising taxes now could do serious damage to an already weak economy but that's a danger the president acknowledges and is apparently willing to risk.
-- Jim thank you.
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